Maxwell Technologies Inc (MXWL) saw its loss widen to $6.86 million, or $0.21 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.45 million, or $0.05 a share. On adjusted basis, net loss for the quarter stood at $5.65 million, or $0.18 a share compared with a net profit of $0.23 million, or $0.01 a share in the last year period.
Revenue during the quarter plunged 43.42 percent to $25.51 million from $45.08 million in the previous year period. Gross margin for the quarter contracted 172 basis points over the previous year period to 29.91 percent. Operating margin for the quarter stood at negative 23.28 percent as compared to a negative 1.44 percent for the previous year period.
Operating loss for the quarter was $5.94 million, compared with an operating loss of $0.65 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $4.73 million compared to operating profit of $1.03 million in prior year period.
"Third quarter financial results were in line with our expectations. Although we continue to face challenging conditions in the China bus and wind markets, we have made great progress on our longer term strategic initiatives to solidify and diversify our business," said Dr. Franz Fink, Maxwell's president and chief executive officer. "We remain vigilant about our cost structure as we navigate through these near term challenges but we are prudently investing in exciting opportunities. Our investments show early promise in the auto market, where we have solidified new design wins and have growing confidence in the long-term growth opportunity."
For the fourth-quarter, Maxwell Technologies expects revenue to be in the range of $24 million to $27 million.
Working capital declines
Maxwell Technologies Inc has witnessed a decline in the working capital over the last year. It stood at $61.93 million as at Sep. 30, 2016, down 5.49 percent or $3.59 million from $65.53 million on Sep. 30, 2015. Current ratio was at 3.30 as on Sep. 30, 2016, up from 2.63 on Sep. 30, 2015.
Days sales outstanding went up to 95 days for the quarter compared with 70 days for the same period last year.
Days inventory outstanding has decreased to 90 days for the quarter compared with 122 days for the previous year period.
Debt comes down
Maxwell Technologies Inc has recorded a decline in total debt over the last one year. It stood at $0.10 million as on Sep. 30, 2016, down 5.66 percent or $0.01 million from $0.11 million on Sep. 30, 2015. Total debt was 0.07 percent of total assets as on Sep. 30, 2016, compared with 0.06 percent on Sep. 30, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
